North American Cannabis Holdings Inc (OTCMKTS:USMJ) reported expanding its M&A locations beyond the previously reported negotiations to buy a renowned medical marijuana dispensary in Canada. Steven Rash, the CEO, expressed that a countrywide legal recreational industry in Canada is going to advance the cannabis industry forward significantly.
When the United States approves recreational marijuana countrywide, the firms that have the impetus from being developed in Canada will have a notable leg up on dominating the prospect in the U.S. They record a remarkable start with the initial dispensary acquisition under talks. The company is not stopping there. They project to witness major consolidation in the Canadian pot industry and they are beginning to advance a consolidation pipeline of their own.
CBS News recently announced on the cannabis consolidation activity in Canada in a publication. This article showcases an analysis by Ernst & Young on the industry and features current high-profile merger plans to include Aurora Cannabis hostile bid to buy CanniMed Therapeutics, and in turn, CanniMed’s attempt to takeover NewStrike Resources. It mentions Bruce Linton, the Chief Executive Officer of Canopy Growth Corp (OTCMKTS:TWMJF) told Ernst & Young that he anticipates the count of cannabis firms to narrow. Over the long term, he expects an industry with just two or three major players and group of craft producers.
In unrelated news, North American Cannabis and Puration Inc (OTCMKTS: PURA) reported combining initiatives on former’s previously reported talks to buy a renowned medical marijuana dispensary in Canada. Puration recently reported plans to launch cannabis infused drinks into the approved $8 billion Canadian marijuana industry. The two firms have added to North American talks an anticipated exclusive right for the Canadian dispensary cannabis extractions to originate exclusively from Puration using its patented extraction process.
In the last trading session, the stock price of North American Cannabis traded in a narrow range to close flat at $0.00040.